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- Cardless
Cardless Valuation, Funding & Investors
Cardless is valued at $350M as of July 2021.
Last Cardless valuation
$350M
Series B · Jul 2021
Last Cardless funding round
$60M
Series C · Sep 2025
Cumulative funding Cardless raised
$150M
across 7 funding rounds
Key investors in Cardless
Pear VC
Activant Capital
Greycroft
Accomplice
Industry Ventures
Amex Ventures
About Cardless
Cardless is a San Francisco-based fintech founded in 2019 that provides a platform for brands to launch and manage co-branded credit cards and loyalty products. Its APIs and embedded components let companies build approval processes, rewards, and card management directly into their own digital platforms, powering cards on the Visa, Mastercard, and American Express networks. Customers include Bilt, Coinbase, Qatar Airways, and Alibaba, spanning airlines, retail, e-commerce, and small and mid-sized businesses.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$350M (Jul 2021)
Cardless Valuation
Cardless is currently valued at $350M, based on its Series B in July 2021.
The $40M round was led by Activant Capital, with participation from Accomplice, Pear VC, Boston Celtics, Phoenix Suns, Team Ignite Ventures and 1 other investor.
Cardless valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2021 | Series B | $350M |
Cardless Funding History
Cardless has raised a total of $150M across 7 funding rounds.
Cardless' first fundraising round was a $200K pre-seed round in May 2019. The most recent completed round was a $60M Series C in September 2025.
Cardless funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2025 | Series C | Spark Capital (lead); Industry Ventures; Pear VC; Activant Capital | $60M | - | Cardless is a San Francisco-based credit card platform founded in 2019 that enables product-led companies to launch and manage co-branded credit cards and loyalty products using APIs and custom components for embedded financial services. The company allows businesses to integrate approval processes, rewards, and card management directly into their digital platforms, with major customers including Bilt, Coinbase, Qatar Airways, and Alibaba. Transaction volumes across its cards grew 400% year-on-year, with spending levels exceeding traditional bank-issued products. On September 22, 2025, Cardless closed a $60 million Series C funding round led by Spark Capital, with participation from existing investors Activant Capital, Industry Ventures, Pear VC, and others, bringing total funding to over $170 million. Prior rounds included a $40 million Series B in 2021 and a $30 million growth investment in late 2024. The funds will expand current card programs, develop new partnerships with major brands, broaden financial product ranges, and approximately double headcount from 50 employees over the next six to 12 months. As of Q2 2025, Cardless reported $15 million in annualized revenue, projecting over $150 million by Q2 2026, with Spark Capital noting revenue is '10xing' due to partnerships. The company targets profitability by end-2026 and aims to capture share in the $200 billion credit card industry by transitioning from building to rapid scaling. |
| Nov 2024 | Series C | Activant Capital (lead); Thayer Ventures; Industry Ventures; Pear VC; Amex Ventures; Derive Ventures; Commerce Ventures; Assurant Ventures; Mischief; Olive Technology Ventures | $30M | - | Cardless is a San Francisco-based fintech founded in 2019 that provides a platform for brands to launch co-branded credit cards and loyalty products, powering cards on Visa, Mastercard, and American Express networks, including premium Visa Infinite variants. It serves major brands in airlines like Avianca and Qatar Airways, and has expanded into retail, e-commerce, and SMBs with a recent business credit card for Alibaba targeting SMEs. The company announced a $30 million growth investment round on approximately November 26-27, 2024, led by Activant Capital, with participation from Amex Ventures, Assurant Ventures (Assurant), Commerce Ventures, Derive Ventures, Industry Ventures, Mischief (co-founded by Plaid's Zach Perret), Olive Technology Ventures, Pear VC (existing), and Thayer Ventures, bringing total equity funding to over $90 million. This round follows a $40 million Series B in 2021 at over $350 million valuation and a $75 million warehouse credit facility in 2023, amid industry headwinds like rising interest rates. Funds will support product development for co-branded cards and loyalty, engineering and operations hiring, and expansion into retail, e-commerce, and SMB sectors. Cardless reports more than 10x revenue growth since early 2023, a fivefold increase in ARR, threefold growth in GTV over the past year, and doubled cardholder numbers in the last six months. Cardless positions itself as the only fintech servicing both consumers and SMBs with embedded platforms using brand data for personalized offers, outperforming legacy banks. It continues launching high-profile co-branded programs despite market challenges. |
| Jul 2022 | Series A | Amex Ventures (lead) | $10M | - | Cardless raised $10 million in an undisclosed round on July 25, 2022, led by Amex Ventures. The funding supported ongoing product development and market expansion. This followed a Series B round in July 2021 where Cardless raised $40 million led by Activant Capital at a valuation slightly above $350 million. Cardless operates as a fintech platform specializing in co-branded credit card programs, partnering with brands like Alibaba, Qatar Airways, LATAM Airlines, Simon Property Group, and American Express. The company powers cards on Visa, Mastercard, and American Express networks, including premium Visa Infinite products. It focuses on embedded servicing and personalized offers using brand data. |
| Jul 2021 | Series B | Activant Capital (lead); Accomplice; Pear VC; Boston Celtics; Phoenix Suns; Team Ignite Ventures; Daniel Kennedy | $40M | $350M | Cardless is a San Francisco-based fintech founded in 2019 that provides technology enabling brands to launch co-branded credit cards and loyalty products quickly via APIs, supporting Visa, Mastercard, and American Express networks, with clients including Alibaba, Bilt, and Coinbase. The company powers premium cards like Visa Infinite and focuses on embedding approval, rewards, and management tools into brand platforms. In July 2021, Cardless raised $40 million in its Series B round led by Activant Capital, with participation from investors matching the query including Accomplice, Pear VC, and sports-related backers like Boston Celtics and Phoenix Suns principals, at a post-money valuation slightly above or approximately $350 million. The funding enabled expansion into travel, retail, and new markets, building on prior Series A rounds totaling around $10 million from Accomplice and Greycroft in 2020. The round brought total funding to about $50 million, supporting platform enhancements and operations scaling in the co-branded credit card space, a large underserved market shifting toward brand-led financial products. Post-2021, Cardless continued growth with a $10 million undisclosed round in July 2022 from Amex Ventures, then Series C extensions including $30 million in November 2024 led by Activant Capital with Mischief, Industry Ventures, Thayer Ventures, Assurant, and Amex Ventures, and a $60 million Series C in September 2025 led by Spark Capital, pushing total funding over $200 million. Recent traction shows over 10x revenue growth since 2023, 5x ARR increase, tripled GTV, and doubled cardholders in six months as of late 2024, with $15 million annualized revenue in Q2 2025 projecting to $150 million by Q2 2026, targeting profitability by end-2026. |
| Jun 2020 | Series A | Accomplice (lead); Greycroft (lead); Pear VC; Ryan Graves; Andy Dunn; Drive by DraftKings; Khaled Helioui | $7M | - | Cardless raised $7 million in a Series A funding round in June 2020 led by Accomplice and Greycroft, with participation from investors including Pear VC. The round aimed to scale operations and enhance platform capabilities for their flexible credit card platform that integrates credit at relevant moments to boost user engagement and brand loyalty. Prior rounds included a $200,000 pre-seed in May 2019 led by Pear VC and a $2.8 million seed in October 2019 led by Greycroft. Cardless enables brands to launch customized loyalty credit card programs, rewarding customers with experiences, merchandise, and exclusive offers. The company has continued fundraising, including a $10 million undisclosed round in July 2022 with Amex Ventures and later rounds like Series B in November 2024 for $30 million. Total funding raised across multiple rounds amounts to $225 million. |
| Oct 2019 | Seed | Greycroft (lead); Nicky Goulimis; Pear VC; Andrew Vigneault; Great Oaks Venture Capital; Jack Groetzinger; Hanover Technology Investment Management; Zach Weinberg; Clocktower Technology Ventures | $3M | - | Cardless raised $2.8 million in a seed round in October 2019 led by Greycroft, with participation from investors including Pear VC, Clocktower Technology Ventures, Great Oaks Venture Capital, Hanover Technology Investment Management, and individuals such as Andrew Vigneault, Jack Groetzinger, Nicky Goulimis, and Zach Weinberg. The funding was used to expand the team and accelerate product development for its credit card platform focused on co-branded loyalty programs with brands. Cardless, founded in 2019, enables brands in sectors like sports, travel, and retail to launch customized loyalty credit card programs on networks such as Mastercard and American Express. The company partners with brands to offer rewards, merchandise, and exclusive offers to customers. |
| May 2019 | Pre-seed | Pear VC (lead) | $200K | - | - |
Who has invested in Cardless?
28 investors have backed Cardless across its funding rounds, including Pear VC, Activant Capital, Greycroft, Accomplice, Industry Ventures and Amex Ventures.
Lead investors include Spark Capital, Activant Capital, Amex Ventures, Accomplice, Greycroft and 1 other investor.
Cardless Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 6 | Lead | May 2019 | ||
| 3 | Lead | Jul 2021 | ||
| 2 | Lead | Jun 2020 | ||
| 2 | Participant | Nov 2024 | ||
| 2 | Lead | Jul 2022 | ||
| 2 | Lead | Oct 2019 | ||
| 1 | Participant | Oct 2019 | ||
| 1 | Participant | Nov 2024 | ||
| 1 | Lead | Sep 2025 | ||
| 1 | Participant | Jul 2021 | ||
| 1 | Participant | Jul 2021 | ||
| 1 | Participant | Nov 2024 | ||
| 1 | Participant | Jun 2020 | ||
This data is available for Pro users. Sign up to see all 28 Cardless investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialCardless Competitors
Cardless competitors include listed companies like Unit, Automated Bank Services, Abaxx Technologies and Beeks Group, and private ones like Payactiv and Moov.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $102M | $46M | $317M | - | ||
| Publicly listed | $52M | $23M | $280M | - | ||
| Private | - | - | $500M | - | ||
| Publicly listed | $749K | ($28M) | $503M | 136.9x | ||
| Publicly listed | $49M | $15M | $203M | 3.7x | ||
| Private | - | - | $110M | - |
Cardless Public Comps
Cardless is still privately-owned, but its public comps include Currenc Group, Bakkt, Paysafe, Unit, Blend Labs, Aurionpro Solutions, Network People Services, PensionBee, 63 Moons and CPI Card.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $38M | ($13M) | 8.3x | 8.3x | (24.1x) | - | |||
| $2.3B | ($98M) | 0.1x | 0.2x | (2.9x) | (27.3x) | |||
| $1.7B | $341M | 1.6x | 1.5x | 7.8x | 5.9x | |||
| $102M | $46M | 1.3x | - | 2.9x | - | |||
| $124M | $3M | 3.5x | 3.4x | 147.5x | 24.7x | |||
| $147M | $30M | 2.6x | 2.4x | 12.6x | 12.3x | |||
| $20M | $6M | 18.3x | - | 67.3x | - | |||
| $57M | ($5M) | 6.6x | 5.5x | (81.4x) | 107.9x | |||
This data is available for Pro users. Sign up to see all Cardless competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Cardless
| When was Cardless founded? | Cardless was founded in 2019. |
| Where is Cardless headquartered? | Cardless is headquartered in United States. |
| Is Cardless publicly listed? | No, Cardless is a private, VC-backed company. |
| What is Cardless' valuation? | Cardless was last valued at $350M in its Series B in July 2021. |
| How much funding has Cardless raised? | Cardless has raised $150M across 7 funding rounds. |
| What was Cardless' last funding round? | Cardless' last funding round was a $60M Series C in September 2025, led by Spark Capital. |
| Who are Cardless' investors? | Cardless' investors include Pear VC, Activant Capital, Accomplice, Industry Ventures, Amex Ventures, Greycroft, Nicky Goulimis, Thayer Ventures, Spark Capital, Boston Celtics and 18 others. |
| Which companies are comparable to Cardless? | Companies comparable to Cardless include Unit, Automated Bank Services, Payactiv, Abaxx Technologies, Beeks Group and Moov. |
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